The avenue originated in 1738 when the forest was cleared to make a trail from Nevsky Prospekt to a foundry (est. 1711) at the banks of Neva River. The Russian word "liteyny" means "metal casting" as an adjective, hence the street name.

Soon after the October Revolution, the avenue was named Prospekt Volodarskogo after the Russian revolutionary V. Volodarsky. In 1944, the historic name was restored.